FEIFA joins with Malta's Harbour to meet 'increased ROPS interest'

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The Federation of European Independent Financial Advisers (FEIFA) has announced the recommencement of its affiliation with Malta-based ROPS specialist Harbour Pensions Limited (Harbour).

According to European financial adviser trade network, the deal with Harbour will allow the company to build business relationships with “well-established, and experienced financial advisory firms operating in the international pension space”, that are still looking to operate in the Recognised Overseas Pension Scheme market, despite the introduction of the recent overseas transfer charge (OTC), as reported.

The relationship with FEIFA members and Harbour will be overseen by Rebecca Fleming, sales & marketing manager at Harbour and will include access to Harbour’s services via a special deal for the trade association’s members.

Increased ROPS interest

Fleming said that Harbour is still focusing its efforts on the ROPS market despite the shock OTC announcement in the UK 2017 Spring Budget, due to what it believes will be an increase of investor interest, particularly in regions with a Double Tax Agreement (DTA) in place.

“With thousands of pensions under administration, a full panel of international insurance bond providers and investment platforms, and an experienced administration team, Harbour is prepared for an increased interest in the EEA ROPS market,” she said.

“The job of an adviser has certainly become more difficult, but when it comes to the overseas pension market, there remains many opportunities for advisers. Spain and France remain among the top global destinations for those that have accrued UK pension benefits; both countries have Double Taxation Agreements with Malta”.

Harbour is offering their ROPS fee scale to FEIFA members with a streamlined administration and investment process ensures that transfers are processed in a timely fashion.

FEIFA CEO Paul Stanfield, pictured left, said: “The OTC announced in the recent UK Budget has focused much of the industry on the existing, and potentially increasing, opportunities in Europe. Harbour is well placed to assist our members against this backdrop and fits well with our existing pension affiliations.”

FEIFA member companies are English-speaking advisory businesses, active across Europe and advising on cumulative assets in excess of €4bn. The federation is a non-profit trade association and has partnerships with a wide range of companies, including all of the relevant international life companies, major asset managers, and the key international pension and trust companies.